I am new to VBA or formula set up for excel.

I would like for someone to help me write a formula to interest rates that
are computed on a day rate. Excemple:

Discover Card charges interest on a daily bases.

Example: Credit card bal: $1,373.04, Pmt $140.00 (Fin Charge at 22.99%
annually or daily at 0.06299%) Interest charged for 31 days is $26.00 leaving
new balance of $1,259.04. How would the formula be written to compute my
next balance?

Thanks
Bluie2407

"Bluie2407" wrote:

I am new to VBA or formula set up for excel.

I would like for someone to help me write a formula to interest rates that
are computed on a day rate. Excemple:

Discover Card charges interest on a daily bases.

Bluie
Column a=Date, col b=Balance, col c = monthly interest and col d = Payment.

Formula for second date A3: =EDATE(A2,1)
Formula for c2: =0.2299/365*B2*(A3-A2)
d2=140
Formula for B3: =ROUND(B2+C2-D2,2)

copy the formulas down. Decimal places vary slightly with you example but
give a good guide

Regards
Peter


Example: Credit card bal: $1,373.04, Pmt $140.00 (Fin Charge at 22.99%
annually or daily at 0.06299%) Interest charged for 31 days is $26.00 leaving
new balance of $1,259.04. How would the formula be written to compute my
next balance?

Thanks
Bluie2407